Margin debt surges 77% to $1.5 trillion, a level seen only four times since 1997
Macro
Outstanding margin debt has jumped 77% over the 14 months through June 2026 to an all-time high of $1.502 trillion, according to FINRA data. This marks only the fourth time since 1997 that margin debt has risen at least 65% over a short period. The previous three instances—in 2000, 2007, and 2021—preceded major stock market declines, including the dot-com bust, the financial crisis, and the 2022 bear market. While history suggests elevated risk-taking often foreshadows a pullback, analysts note that bull markets have historically lasted far longer than bear markets.
